Nifty opened today at 4984.15 looked positive before being resisted at 5039.30.Tnen gave up the gains to make a bottom of 4950.30 and closed at 4965.70.The above charts show the nifty fall channel from the top of 5630.The channel show we have bounced back from bottom of the channel.The level shown on chart is the trend deciding level.Its the level upto which a bounce can be expected if we make a low at the bottom of this channel.Intraday traders can look at the levels on spot nifty to trade on Friday.
No trade between 4948 and 4983(To avoid whipsaw)
Buy above 4983 sl of 4963
targets 5001-5019(add positions breakout on the upside)
5037-5055-5073-5091-5109
Sell below 4948 sl of 4968
targets 4930-4912(add positions breakout on the downside
4892-4874-4856-4838-4820.
Happy Trading !
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